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Glenn Beck

News/Business. Guests discuss the day's top political, entertainment and business stories. New.

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Us 11, Glenn Beck 6, U.s. 5, China 4, Glenn 3, Charles Payne 2, Damon 2, The Official 2, Michigan 2, Orlando 2, California 2, Cloward Piven 2, Washington 2, David Buckner 1, Billy Mays 1, Lances 1, George W. Bush 1, Paul Kanjo 1, Foretarp 1, Gmac 1,
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  FOX News    Glenn Beck    News/Business. Guests discuss the day's top  
   political, entertainment and business stories. New.  

    November 27, 2009
    5:00 - 5:59pm EST  

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[captioning made possible by fox news channel] captioned by the national captioning institute ---www.ncicap.org--- glenn: welcome to a special he edition of the glenn beck program, known as black friday, the official start of the christmas shopping season, but how are you coping in this atmosphere, in this recession? how is america surviving? tonight, we revisit some of the key economic stories affecting your life, the collapse of the dollar, global currency. it is an eye-opening show you can't afford to miss. hello, america. happy black friday, the official start of the christmas shopping season, but
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how merry will this chris christmas be if we're facing a $12 trillion national debt this year -- $12 trillion? that's up from $6 trillion 7 and a half years a ago. we are literally spending ourselves into oblivion and there's no end in sight. i want to show you a video from cnbc. i was dumbfounded by this interview because the host didn't say, what? i have never heard anyone on television say these things before i saw this. >> oil looks higher. gold looks higher. currencies look weaker, all for the reasons that we talked about before. you've got huge wage disparities. i don't know how that inevitably resolves itself t may resolve itself in some type of global currency crisis, and then if the global currency crisis unfolds, then inevitably you get, i guess, an alignment under a global
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world government, a new global currency, and a new world order, so we may be moving towards that. >> this global currency, then what happens to the dollar? >> it assume that the dollar will utterly get destroyed and become virtually worthless. glenn: i can't take it! i can't take it. well, talk to me more about this currency crisis, what does that do? did i hear it wrong? play just a little snippet again. what did he just say? >> if the global currency crisis unfolds, then inevitably you get, i guess, an alignment under a global world government, a new global currency, and a new world order. glenn: that's not good. the guest just said that the dollar would collapse and replace it with some sort of
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global currency. i mean, china is saying, america, you might want to rethink that healthcare thing t seems pretty expensive that. is our bank. that is like your bank calling up and saying, by the way, i think your a spending too much money! that's a pretty big house. if this bank doesn't give us any more loan or if we burn this bank, there is nobody left. a one-world government, a new world order, and the host doesn't even flinch. apparently that's not even shocking to anybody anymore or they're not listening. on the scales of insane things, i just want to show you what we skipped past. ready? look at this. put it up here. we're in a recession now. people, even in a recession, and we're in a deep recession. i think we're onto edge of a depression because of what we're doing. we have skipped a deep recession, and skipped depression, even the great depression. we went right to the collapse of the dollar, and then he
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went right to global currency, one world government, and a new world order like that. gosh, i think i would have said, you know, as the host, what did you just say? i invited -- because they're not going to do it on cnbc, i thought i would invite david vickers, managing partner of nine points capital partners on to the program. dana, what did you just say? what did you say? >> glenn, well, you know, the trends that are in place are doctors tushing. i mean, you make great points. i mean, we have a momentum, and the momentum is the weak dollar. it's something that the current administration is in favor of, printing money is also something that they're in favor of because nobody wants to face the consequences of not having to live indulgently, not only americans but also the government as well.
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let's get this out of money talk because this isn't cnbc. >> where is maria? glenn: let's bring this down to everybody's level of understanding. what is happening here is the government is blaming us, and saying that we won't live within our means as a society, but they're just promising this stuff and telling us no, no, first, during the bush years, you don't have to worry about the debt. yes, you do! now, they're saying we should worry about the debt, but oh, no, we're not even close. i look at the drudge report. i look at the websites, the financials, and i read bloomberg. i read the financial times. you can't tell me there isn't signal after signal after signal. last i saw was from china on the healthcare. japan said we used to be a country of innovators and now we're just a protection. how come nobody -- how come
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it is only you saying these things? >> well, i'm not beholden to an investment banking firm that has has the honored position of distributing government paper. in terms that everybody can understand, when we look at the jpmorgans and goldman sacs that were the recipients of so much financial love, they distribute government paper. they distribute the debt to the planet so of course we had to keep those interests are in check. we've got serious problems. the debt is a problem. it doesn't seem to be a problem to bernanke. notice his comments. he's happy to see the dollar weak and they're not all that concerned. the problem is, as we see it, is that there are huge disparities in the cost of production for american goods, versus the cost of production in a bangledesh or india and vietnam. these people make money.
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they get paid, what, some of them what, 70 cents a dollar a day, 20 cents an hour, incredible wages. these are our servants really just living outside of the country. yet we also domestically have to employ people to produce things, because not everybody can appear on the glenn beck show. i mean, people in ohio and michigan actually need to do something. a lot of it involves labor. how do you create employment for those people? glenn: what everybody is saying now and this is what global labor is saying is that we will be able to bring the world up to our standard. no, they're not. that's not possible. what we're doing right now is we are spending ourselves into oblivion. it is the -- are you familiar with the cloward piven strategy? >> no. sounds great. glenn: no, it doesn't. you got to look this up. you would understand this. look up cloward piven strategy, and it is a radical
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marxist idea that came out of columbia university, and i'm telling you, damon, it's being employed right now, and the idea is you want to change the culture in america? you want to change the government? you want to overthrow the constitution? you don't do it with guns or anything like that. if you want a redistribution of wealth, you collapse the system, and then it has to restart. well, it's happening. they're overwhelming it. i know there are a lot of conspiracy theories are out there and they may be true, but market forces are likely to take -- glenn: you don't need a conspiracy theory r >> yeah, but market forces are likely to take us there anyway. the dollar is way too high and and other currencies are way to low. you are likely to see a realignment of currencies. glenn: say this in terms that people understand. a realignment of currencies doesn't mean anything. what it does mean is that you
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will live closer to the standard of mexico than you are of america when they realign the currencies. correct? >> yes, that would be accurate our debts are simply too huge. there is no possible way that our labor forces can compete globally on a production cost basis when if you or i, glenn, were to come up with a brilliant idea, an aha, i've got something, something billy mays might be proud of, maybe we would elect to make it here, but most people don't. when they come up with the great ideas they're electing to make them immediately in the philippines, bangledesh or mexico. that didn't happen in the past. in the past, we at least had a 10, 15, 20-year period where we created employment in this country r as of this moment, if great new technologies come along that innovate society, like the arrival of the railroads, that really create an adoption cycle, investment cycle, bull market and economic expansion, those
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things that we're talking about, they're not likely to land on these shores. the benefits are likely to be made overseas in emerging markets. beyond, that we don't have anything to export. we don't have oil. we are net consume irs, net importers of our food. we don't have anything to export. we export promises and debt, and inevitably, those two roads shall meet, and with the weakness in the dollar on the daily basis, and the breakout in gold, it may be that we're moving towards it now. glenn: america, how does this not make sense to you? this is the way it would work in your home. how does this not make sense? how is it we're still talking about insane things, instead of doing this -- instead of america having a conversation of, look, look me in the eye, will you live a tough lifestyle right now? you got to eventually pay the debt. it's immoral to pass all of this on. would you pay, and live
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without government freebies? you got to work. you got to scratch. it's going to mean like we live like our grandparents if we do it now, and you know what, that's fine. ly do that if my children still have an america at the end of it, but damon, correct me if i'm wrong, if we don't get out of this, this thing will spiral out of control and it will become -- they'll push it up to a bigger, a higher power. well, america's too big to fail, got to make it into a one world government, right? >> yeah, that's exactly how it would unfold. you said something brilliant a second ago, which was about indulgence and about not facing the truth. we are a society that i believe for the most part medicates ourselves. how do we do that? we do that with alcohol, drugs, and we do it with bad television programs, not yours, but -- glenn: no, this is a bad television show, come on. >> we medicate ourselves. we take short-term impulsive fixes of buying things that we
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don't need, and we have accumulated so much -- how many homes, how many cars, how many bangles of jewelry? i mean, we're choking on it. we're a society that is a society that literally we stuff the macaroni and cheese in our bodies and take out equity lines of credit to suck the fat out of our neck. this is craziness. glenn: i don't know about you, but i don't have a problem with wealth -- >> me either. glenn: good, because i just want to make that clear. when you are putting it on a credit card, which is what our country is doing, it becomes insane. i believe that we will be remembered in the history books only one of two ways -- this generation, and this time period, right now, we are making history. we will either be looked back on as the dumbest people ever to be on the face of the earth, the most clueless greedy obscene stupid people,
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or we are going to be looked back on as heroes, because we decided to do the tough thing and live within our means. we're doing a special tonight kind of on the insanity of the economy. i want to tell you who the real culprit is. the real culprit are the people that wanted to save us, the fed, the federal reserve. they were supposed to save us and even all this out. this is what they do for a living. they create bubbles. we had the savings and loan bubble, and they saved us. oh, the 1980's led to the failure of 747 savings and loans institutions, the ultimate cost of the crisis estimate to have totalled about $160 billion. they rolled that -- save, save, save. they rolled that into the tech bubble. when this burst happened at the end of the '90's, the dot com crash wiped out $5 trillion in market value of tech companies from march 2000 to october 2002.
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then what did we do? we had september 11, and the fed came in and lowered the interest rates. our government said, buy, buy, buy, buy, do your patriotic duty and spend. and we had the housing bubble. let me show you exactly how this works. this is the way you create a bubble. you create the housing bubble like this. you start with problems, and so the government, the fed, they come in, and they say here, you know what we're going to do? we're going to give you all kinds of stuff. notice barack obama and george w. bush and these two guys, i'm telling you, our forefathers -- our forefathers would have got an bucket of feathers. these four people now have been pushing and pushing and pushing, hey, we're going to help. we're going to lower the standards at the banks.
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we're going to give loans to people that can't afford them. banks have to find creative ways 0 to people that can't have them otherwise they will feel the pressure and go out of business. no downpayments, adjustable loans new york identification. then i was on the air when these clowns were saying that, and i said, please, dear god don't do this, please! when the interest rates go up, you are not going to be able to afford the house. guess what? they did. unfavorable lending, boom, unqualified buyers, fed had to increase the interest rates, and the homeowners all defaulted. massive disclosures. it's not a scam. we were there. but yet we don't accept the blame. we have to push the blame someplace else, and never on the people that were responsible, the fed and the politicians! no one forced us to get the loans we couldn't afford. we did t we're involved as well. we're just too tempted by the
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lure of a bigger house. there was no restraint. please, america, can we have some restraint? can can we deserve the country that we have inherited? >> two years ago when people were just finding how adjustable the adjustable rate loans could be, i started warning about a final bubble that this government was going to create and they're doing it. i called it the money bubble. nor yell rubini calls it is the asset bubble. we have draifd buckner in. good to see you, sir. did i get this right? >> you d glenn: david buckner is from columbia university and also a fortune 500 strategist and consultant and all of that. so tell me about the asset bubble. glenn: it is the same process as this, but you recognize that we had a problem. government started borrowing. the government has been borrowing for a long time. that's not uncommon, but the level that we're out, $38,000 per man, woman and child in
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america -- because we borrowed back on the other side of the board, and we couldn't afford it, they absorbed it. they're the backstop. glenn: but they couldn't afford it so nower this avenue having to borrow. >> they're going to china and other countries to borrow. so now they're going beyond borrowing to cover this, and with that borrowing, the feds lowering the interest rates, and there is a little interesting thing that is happening here, as the fed is lowering interest rates, the government is coming around and saying fine, we will get the lower interest rate and the fed has an incentive to do so to protect the government. they are coordinating this. unlike any other time in history, where they have been separate entities, the government now is increasing spending on money that the fed has been providing. glenn: so we have the elected officials. they pushed unfavorable lending. here they're just pushing favorable lending for themselves to get more money. we're an unqualified borrower, wouldn't you say?
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>> right. glenn: same cycle, same process. >> right. glenn: they lowered the interest rates, they borrowed more -- >> by the way, investors are coming in and saying if i can borrow at zero and go overseas and incest at 5%, i am carrying over -- called carry-trade, i'm carrying over the opportunity to make money by doing nothing. glenn: because our dollar is losing value, if you take our borrow, tern it into sterling. >> sterling is a great asset. glenn: because that's going up, and the dollar is going down, you actually -- >> and what i return will be worth a lot less. so i'm making an asset increase by doing nothing. glenn: then we have inflation coming at some point. >> if they raise taxes it is inflation or if prices go um, it's inflation. glenn: and the feds are going to have to raise interest. >> they said they didn't see
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increasing interest rates for a year even, but the second they do, as soon as the free money is more, you can't get it anymore. what happens to your assets? you is to pay back that money. glenn: if you borrowed it, you have to pay it back. glenn: there's a difference, when we had the housing bubble, we had an orderly exit. we had the interest rates being reset over a period of five years, so we could say, holy cow, this one, the really bad borrowers are in trouble now, but in a year from now, we have the next bubble that is going to burst and in two years we still haven't hit -- >> people were saying i smell smoke, and then a little more smoke and by the time they saw the fire we were two years down the fire. this, you won't see smoke. there will be a flameout. glenn: up next, a closer look at collapse of the dollar and what it means you for and your children. don't go anywhere.
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glenn: welcome to our special black friday edition of the glenn beck program. while many people were out shopping today, spending money, getting deeper into debt on this, one of the busiest shopping days of the year, we're looking back at some of the economic stories affecting your lives and your children's lives. we're putting a spotlight on the chapters of the dollar and what that actually would mean to you. take a look. >> a long time ago, back after the world war, in fact, during world war one it started, america had a whole bunch of gold. everybody had gold, ok, but they were borrowing money from us, because they were fighting the war, so we said, you know what? why don't you just give us some gold? now, after world war ii, we officially went to the gold standard for the u.s., and we said, you know what? there's just not enough gold for everybody.
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why don't you just use the dollar, and what we'll do is we'll give you guys an equal amount of money so everybody has currency. u.s. dollars, it's fantastic, and we'll just keep all the gold, and we promise, we're never going to trash our dollar. we would never do that to you guys, because we love you, and we're trustworthy. got it? so everybody gave us the gold. we still had a nice stack of cash here and gold. you're over here. you don't have any gold, right? this is you. this is you. this is your of savings. how much did you lose if you had any money in your 401k? you lose, let's say, i don't know, 40% of it? well, that's gone. now, did you know that the dollar has lost nearly 29% of its value in the last 7 years? 29%. that's gone. just gone.
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9% was in the last six months am loan. you only have this much left. you compare that to the basket of currencies, the nice basket they're talking about. i love this. in the last six months on these currencies, it's lost 19% to the australian dollar, 13% to the canadian dollar. do you remember when the canadian dollar was a joke? 12% to the japanese yen. how come you haven't heard about all of this? how come you haven't heard that while you were sleeping, first they came four 401k and then they came for your dollars? well, most people haven't minded all that much. our attitude has been well, the dollar goes down, we'll be able to make more, because well, we will be able to sell our goods. it's good for business, and we'll be able to make more stuff and sell to more people. yeah. yeah. here is what is happening -- see, oil is only traded in dollars. that's it.
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you can only buy oil with dollars. well, if we go to the basket of currencies, they get the end of the dollar, well, they don't need all of this. already, china is divesting themselves of the dollar. they're just throwing this over here. they're just getting rid of those, is they're buying up all kinds of stuff. they're buying up land, minerals, oil wells, all kinds of stuff. they're getting rid of it, and everybody else, well, if the gulf states get their way, they're just going to push all these dollars over to here and they'll just trade in the basket of currencies. which, by the way, doesn't include the dollar. what does that mean? oh, that means we have more money! that will be great! look at all the money we have! yeah, except if we have all of this money flooding the world, your little stack, where does your little stack go? your little stack is now worth
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about that much. congratulations. oh, but by the way, don't worry about it, because we can just print more of this. it is called monetizing our debt, hyperinflation. this is why you don't do what we're doing. you keep printing money, and there's no stopping. why is there no stopping? because the people in congress don't have a spine. the government thinks, including the president, and the last president, thinks you will freak out if we say we've got to cut back on our spending. you won't be able to have as much. we have to do the responsible thing. they don't think you're capable of understanding that. they don't think you're capable of doing the hard things. i'm sorry. but if you're one of those people who think america will always be there because we're america, let me make one thing very, very clear to you. america can fail without vigilance. it is possible, yeah. wasn't it only back in january that we had a united states
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congressman, paul kanjo. ski say america was three hours away from a complete economic and political collapse that would bring about martial law? i don't know if he was right on that one, but is it possible that it could happen^ ? let me ask you this, do you remember what it felt -- chose your eyes for a second. do you remember what it felt like on september 11? do you remember how fragile this country felt, and we all thought, oh, my gosh, it could be over tomorrow? are you honestly telling me that you believe that this country is in better shape financially now than we with on september 19th, 2001? if you do, you're living in fan tass fantasy land. i expect tattoo to say da plane, da plane. it can fail easily. the strongest can fail. coming up, i'll, explain why it's time to building an ark. the rain is coming. don't go away.
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>> tiger woods is out of the hospital after crashing his s.u.v. early this morning. officials say the world's number one golfer was driving just outside his mansion near or hahn orlando -- orlando, florida when he hit a fire hydrant and a tree. police reportedly found the 33-year-old with cuts on his face. they say charges could be filed but that alcohol was not involved. on this day after thanksgiving, early reports
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suggest more folks with out this year taking advantage of black friday sales and many folks say they were buying more for themselves after cutting back on spending over the past year. glenn beck returns in a moment but first here is brian wilson with what's coming up on "special report." >> the secret service takes blame for security lances at the white house and we will take you inside the cockpit of the jet that overshot minneapolis last month. "special report" begins at 6:00 eastern but now it's time to go back to glenn beck with more of the beck show. >> i mean, they call me whether gloom and doom. welcome back. they call me mr. gloom and doom, but then, you know, i mean, they named this day black friday. welcome to the glenn beck program. it is the official christmas shopping season. it is officially begun.
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our country is in a recession, facing a wall, a $12 trillion wall of debt, and it is climbing. even though some say there are green chutes in this company, don't be fooled, we are not out of the woods. in fact, i think it's time to start learning lessons from flow ya and his ark. take a look. if noah was around, there would be a point -- there would come a point where he would stop trying to convince people, hey, guys, it's going to rain an awful lot. he probably would say, you want to help, fine, you don't want to help, fine. i got to go and build the ark. the last few weeks, i have this feeling -- i just know it, you get it. i don't need to convince you. if you're here every night, i don't need to convince you that there are people intentionally destroying our country, both on the right and the left. the rain is coming. i think you feel it in your gut. it is time to build an ark.
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it is time to pee pair yourself -- to prepare yourself for some tough times. i don't care what they say about the g.d.p. because it's not real. it is from an injection from the government. do you know a single person that has been telling you, oh, my gosh, we are turning the corner? we are hiring at my mace left and right? is anybody saying times are sweet? it's fake. for every action, there is an equal and opposite reaction. let me say it this way -- for every action, there is is a consequence. but we don't believe in that anymore. we give all of our trophies to kids, no matter what. come on. some of our kids are losers. they're great and we love them but they're losers. they don't deserve the trophy. they've lost, but we've convinced ourselves and our kids that there aren't any consequences for anything. i have news for you. there are consequences f i said to you, hey, what do you say? let's go to the top of the roof and jump off the
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building, would you do it? no! why? because you know at some point, and it's going to hahn quickly, splat, you hit the ground. we all act like, no, you're not going to -- and the consequences have been moved so far down the road, that we don't even think of them anymore. ite now, if i could make a building tall enough to where it took you a couple of years to hit the ground and go splat, you would have americans as they were falling about here, saying oh, my gosh, this is great. it was such a breezy day. i can feel the breeze. the breeze has picked up! >> you're going to hit the ground. no, no, that's just fear mongering. so we all just continue to jump off, hey, this breeze is fantastic. look at the sue! we act like there is no tomorrow. but there is. $700 billion just foretarp. $700 billion. they haven't spent it on what they said they were going to
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spend t we barely know where it is. and $115 -- and 115 banks have failed just this year. we bailed out g.m. couldn't lose. couldn't lose all those jobs. we don't want americans to get a boo-boo. now the government owns 60% of general motors. how are the people in detroit repaid? the vice president reopens a g.m. plant in wilmington, delaware. they're making the plant produce green cars that nobody wants. now the government is looking into injecting more cash into gmac. in 1970, national health expenditures totalled $1,300 per person, 1970. 7% of our g.d.p. and three decades later we are spending $7,421 per person. 16% of our g.d.p. and congress, the budgeter, said
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in 1965, medicare would cost $12 billion. $12 billion. they were close. it was only $90 billion. that's pretty close. oh, and then in 2008, it was 468 billion. we're going ahead with a trillion dollar healthcare budget? with these people? edward markey, the cap and trade bill, he said the bill would only cost you about a postage stamp a day, $175 a year. well, i love the plan fote $175. of course, they admittedly ignored the potential decrease in gross domestic product that could result from the cap, and estimates tend to go way up when you look at oh, there is ground here. now, they are saying that it would cost $161 billion in 2020, which is $1,870 per person. hello!
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sorry, that's not per person. that's a family of four. that's the when the bill's restrictions kick in. that number rises to $6,800 for a family of four by 2035. i hope your kids have a sweet, sweet job on the horizon. government spending was 28% of g.d.p. four times more than f.d.r. spent in the 1930's with the new deal. are you are ready to go roof jumping yet? if you didn't have a problem with tarp or the stimulus it is because you didn't see the consequences because no one is telling you the real consequences. then they added more money. then there is more to come. we're at the point now where we're looking right at the pavement. wow. there's no such thing as a free market. they now have control of everything, or soon will. stick around, america, because in the coming months, i'm changing. i'm sensing you are, too. i think you know it's time to build an ark, because the rain
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is coming. signs of a second stimulus package, oh, actually, wouldn't this be the third? we have had two already. how is it going to affect all of us, next. lp<@
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glenn: are you done christmas shopping yet, or are you too
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far in debt to spend? there a few signs now that congs and the administration could be looking at what amounts to a third stimulus package. the second stimulus package of this administration. how much hammering can this country take with its national debt? i recently spoke with charles payne, c.e.o. of wall street strategies an fox business contributor. first of all, let me show the debt clock. when i say how much more hammering can this country take -- show the debt clock. this is u.s. debt clock.org. go and spend a few minutes at this website today. you will see anything that you buy -- oh, well, we can handle this thing. don't worry, our kid's future is safe. really? not unless we act. charles, explain this chart -- i love this chart. explain this. >> today we have had a lot of states coming out saying how many jobs were saved or created? first of all, none were created since this stimulus job went through, we lost 3
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million jobs. let's take california. there are a lot of problems with the plan. on the chart, california, 5.3 billion they created and saved 100,000 jobs, that's $35,000 a job. michigan, 196,000 jobs apparently saved. oregon, 125,000 dollars for each job that was apparently saved. here is the real deal. this is all redistributin of wealth. this was what was promised and this is what is happening. glenn: how do you mean? >> can i borrow your chalkboard? glenn: you want my chalkboard? go ahead! come on, mr. expert, go ahead. the board will get you in trouble, charles. you go to the chalkboard and the people at the white house will be calling you saying you have to use a chalkboard. >> ok. this is all taxpayers.
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glenn: going into a cup. >> that's right. all of us put this money in here and it is $787 billion. this is what comes out of the cup. who gets the money? it is for our union workers. glenn: no! >> welfare. glenn: wait a minute! i'm just looking at this like a puzzle. it is like a little game here. who else gets it? ok. i got it. >> this is classic, classic redistribution, right? classic! the people who put into it get nothing out of this. the people who backed obama and the democrats get everything, welfare recipients and food stamps. glenn: what is at the end of this? >> at end of this is our deficit will continue to go up, our debt will continue to go up. we will continue to have to
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borrow from other countries or print money, which means that the dollar -- glenn: hold on. i got to go over here. hang on just a second. so our deficit goes up. our national debt goes up. wow. per taxpayer, we already owe $109,000 each. but that's not the story because we have mortgage debt, personal debt, private debt per citizen is $54,000, so you have to add that to that, and if you go up, here is u.s. taxpayers, can you scroll up, because there is so much more here. there is all of the liabilities that we have been talking about now with healthcare and everything else. here we go. whoa! well, does it really matter? just the red is what we owe. does it really matter? i can't see it, guys because you didn't pull it all the way up. anyway, you add everything up,
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and this, i believe is what you owe here, a total of $34 $343,000, anyway, you owe a ton of money. let me ask you this, charles, if we all owe about $300,000 per citizen. >> right. glenn: because of what we already had, what we can't afford. >> right. glenn: how do our children, when they get out of college, everybody says oh, they're going to leave college with $100,000 in debt. no, no, no, they're leaving with $100,000 in debt plus all of this debt. >> i don't know. right now we're talking about a deficit of $1.4 trillion. even at the height of world war ii, it was less than $700 billion. we're in unchartered territory but we cannot go this way. people in their own households make these same mistakes. here is a another problem with this, at the same time we are redistributing wealth. the first-time home buyers thing, $8,000 tax credit but
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if you make more than $75,000 a year, you are too rich, because it is even though it is your tax money funding it. >> prescription drug liability, $18 trillion. medicare liability, $73 trillion. u.s. unfunded liabilities, so, in other words, we have to come up with this money. this is what they already promised. >> right. >> $105 trillion, america! stop the madness. stop the madness! more with charles in a second.
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glenn: welcome back. it is black friday. many are recovering from eating thanksgiving turkey. not me. i still have room, rumble in my tummy, you know. others are doing their christmas shopping. we're just talking about the problems with the stimulus plan and what it means for you. we continue now with charles payne. all right. have you seen the white house hotline? >> i was checking it out. >> will you check to make sure the dial tope is working and making sure they can call. >> yes, dial tone. glenn: thank you. would you just call it and make sure it rings, because maybe we didn't -- i mean, we have said a lot here today and you would think that the white house would say this network
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was wrong. answer it, it may be them. nope. all right. are remember, white house, if you want to call, what you do is you just dial us up. you're the only one with this number. it's a hotline to make sure it's right. joe, you answer like "the chickens don't fly" and then white how white house, so we knw it's you, you say something like "and i'm wearing a purple seiut-shirt." that's code. we'll come up with something. call me, and we'll come up with something. charles, let me push back on. this this little teacup thing, you say union, welfare and food stamps are getting jobs. >> they getting all the money. they are -- some states are doing construction. they are creating some jobs there. >> when this was sold to the american public, it was shovel-ready jobs. that's why the public said it makes sense, it makes a little bit of sense. i don't have a job but at least you will put me to work
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and i can feel like a human being and go out and build a bridge. we were promised that all the bridges and tunnels would be repaired. that was the promised. i have seen some of that in connecticut. tell me about this, what is this chart? >> this is the stimulus plan, and this is one of the reasons why it is so disingenuous to begin with. this is each quarter and how much money is going to be put out. if you notice, first, second quarter of next year, is when the lion's share of spending, the green line, shoots up. that's right ahead of the election. the 2010 elections. if they really wanted this to be working, glenn, they would have put it all in the first bar. you know what? that's how you shock the system. that's how you propel it. glenn: so what are you saying? what is their plan here? >> that's how you get re-elected because that's when the spending comes in and maybe that's when the g.d.p. goes up and jobs get better, right into a campaign, i think is perfect timing. glenn: have you seen this,
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charles? >> i was watching this in the green room, incredible. >> from bron damage to spiritual faith, from crurnlg to liberty, abundance to come play san si, apathy to dependence, from dependence back into bondage. we found this during the break. 1787, alexander tyler, a scottish professor. this is how they get us from apathy to dependence. to dependence. there are so many way. a record amount of people on welfare, food stamps. even unemployment benefits. if you're out there and get these extended benefits for up to a year, you can be sucked in. if you're not looking for a job every day, you will get sucked in. that's the game plan. >> don't get yourself sucked in to dependence or slavery. massive debt. massive government intervention. it is time for massive innovation. next.
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glenn: america, on this day after thanksgiving, we have a ton to be grateful for, but we also worry about the direction which our economy and our kin try is headed. we have increased the printing of our money by 120% in the last 12 months. unemployment is at 10.2% and rising. this path is not sustainable. it is insane the way we're sending money now. check out what the director of our congressional budget office, the c.b.o. our main accountant had to say. >> fiscal policy is on an unsustainable path to an extent that cannot be solved by minor tinkering. the country faces a fundamental disconnect between the services the people expect the government to provide. i don't expect the government to provide any more! i want them to stop! even the c.b.o. director doesn't think it's sustainable. this is our accountant.
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shouldn't we listen to them? coming this january, my whole approach changes on this program. there is a problem here, america, and i'm going to have -- i don't care what people say about me, personal responsibility is dead in this country. it is time that we get the little paddles, and bring the body back! people refuse in washington to be held accountable for their actions. we pass the blame instead of accepting it. get responsible! accept the blame or give the blame where it belongs! get out of debt yourself. the time for are reckless spend something over. they don't get it in washington, but you must. you must get it in your own house. there is no easy way out of this. i saw a recent article titled "america is losing its innovative edge." no, we haven't! we just have a giant government foot stomped on our windpipe. they're trying to protect us from failure, but failure is
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good, as we are seeing, it stopping us failing is only creating a bigger failure that is going to wipe everything out. we must reconnect with the things that are real, the things that you grew up knowing were true. they are true! the things our grandparents taught us, the things our grandparents taught us to never forget, the lessons they learned in the great depression. when we learn those things, we're going to be able to innovate our way out of this mess. it is going to be a bumpy i'd, gang, but we can do it and we'll help each other because we're americans and neighbors. i saw a great bumper sticker the other day. it said "when the people lead, the leaders will follow. " let me quote that bumper sticker philosophy. don't forget, when the people lead, the leaders will follow. thanks for spending some of your day after thanksgiving with me, for commentary on the news of the day, signup